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World Bank Chief Says Cryptocurrencies Are "Ponzi Schemes"

In the latest swipe at bitcoin's credibility from a prominent member of the global financial and economic establishment, World Bank Group President Jim Yong Kim said Wednesday at a dinner in Washington that "the vast majority of cryptocurrencies" are essentially "Ponzi schemes", Bloomberg reported. The plunge in the valuation of bitcoin and most of the hundreds of other digital tokens that were inspired by the virtual currency has appeared to validate criticisms from financial luminaries like Bridgewater's Ray Dalio, who famously called it a bubble late last year.
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